房地产 -2025年第三季度欧洲物流租赁数据 European Logistics Leasing Figures Q3 2025

FIGURES|EUROPEANLOGISTICSLEASING|Q32025

StrongQ3droveYTD

take-up3.4%higher,as

bothcompletionsandnetabsorptionremainedlow

CBRE

−Europeanlogisticstake-upwas17.4%higherinQ32025comparedwiththesameperiodinthepreviousyear.Severalmarketsthathadaveryquietsummerin2024sawareboundthisyear.

−Thisenhancedactivitypushedtherolling12-monthaggregateup1.4%toabove21.5msqmforthe

firsttimeinoverayear,althoughfluctuationshavebeenminimalduringthisperiod,reflectinga

stabilisationoftake-up.PreviouslyunderperformingmarketsarenowleadingtheYoYrecovery.

Annualnetabsorptionremainedmutedbutpositive,with11.7msqmvs15.2moneyearago.

−TheaveragevacancyrateroseagainQoQbutonlyby14bpsto5.5%.TheYoYcomparisonremains

challenging,withanincreaseofover100bps,althoughSpainisnowatalowervacancyratethanthistimelastyear,thefirstmarketwherethesupplyresponsehasbeenabletoreversetheupwardtrend.

−Rolling12-monthcompletionsremainedstableQoQat16.7msqm,whichis21.3%belowthefive-yearannualaverage.Additionally,spaceunderconstructionremainedsubdued,17%downfromQ32024.

−Annualisedweightedprimerentalgrowthclimbedto3.29%,drivenbybest-in-classdevelopments.

Figure1:Take-up(000sqm)vs

vacancyrate*

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

8%

7%

6%

5%

4%

3%

2%

1%

0%

Figure2:

Completions

(000sqm)

vschangein

occupiedstock*

30,000

25,000

20,000

15,000

10,000

5,000

0

12%

10%

8%

6%

4%

2%

0%

Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3

201820192019202020202021202120222022202320232024202420252025

Rolling12-monthtake-upVacancyrate(%)

Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3

201820192019202020202021202120222022202320232024202420252025

Rolling12-monthcompletionsAnnualchangeinoccupiedstock(%)

Source:CBREERIX

*CBREEuropeanlogisticsdatacoversunitsover5,000sqminContinentalEuropeand100,000sqftintheUK

Source:CBREERIX

*AggregatedEuropeanoccupationaldatarefersto10coreEuropeanmarkets(UK,DE,FR,NL,SP,IT,BE,PL,CZ,SK)

CBRERESEARCH©2025CBRE,INC.

2CBRERESEARCH©2025CBRE,INC.

CBRE

FIGURES|EUROPEANLOGISTICSLEASING|Q32025

Averageannualprime

rentalgrowthroseto3.29%,supportedbyassets

offeringoperationalsavings

Figure3:Rolling12-monthtake-upbyregion(%YoYchangeand%oftotal)

6.6%

14.1%

24%

11%

-2.7%

11%

7.2%

8%

13.3%

17%

-15.4%

13%

-5.1%

6%

-16.1%

9%

Figure4:Europelogisticsprimerentalindex

(Q12015=100)*

18%190

16%180

14%170

12%160

10%150

8%140

6%130

4%120

2%110

0%100

-2%90

Q312

Q113

Q313

Q114

Q314

Q115

Q315

Q116

Q316

Q117

Q317

Q118

Q318

Q119

Q319

Q120

Q320

Q121

Q321

Q122

Q322

Q123

Q323

Q124

Q324

Q125

Q325

-4%80

YoYchange(%)(LHS)——RentalIndex(RHS)

Figure5:

EuropeanprimerentsQ32025(YoYchange

and€/sqmper

annum)*

10%

8%

6%

4%

2%

0%

140

120

100

80

60

40

20

0

eyoychangelocal(%)(LHS)primerent(RHS)

Source:CBREERIXSource:CBREERIX

*FromQ32023,CBREhasimproveditsEuropeanIndices,theyarenowweightedtofive-yearinvestmentvolumes

FIGURES|EUROPEANLOGISTICSLEASING|Q32025

Contacts

JackCox

CarlDeppisch

MarkCartlich

TasosVezyridis

PolMarfà

AlexOzga

ManagingDirector

HeadofIndustrial&

HeadofStrategy

ExecutiveDirector

Director,EuropeanIndustrial

AssociateDirector,European

HeadofIndustrial&

LogisticsLeasing

Industrial&LogisticsCapital

HeadofResearch

&LogisticsandRetail

Industrial&Logisticsand

Logistics,Europe

Occupier,Europe

Markets,Europe

UK&IandCE

Research

RetailResearch

jack.d.cox@

carl.deppisch@

mark.cartlich@

tasos.vezyridis@

pol.marfamiro@

alex.ozga@

©Copyright2025.Allrightsreserved.Thisreporthasbeenpreparedingoodfaith,basedonCBRE’scurrentanecdotalandevidencebasedviewsofthecommercialrealestatemarket.AlthoughCBREbelievesitsviewsreflectmarketconditionsonthedateofthispresentation,theyaresubjecttosignificantuncertaintiesandcontingencies,manyofwhicharebeyondCBRE’scontrol.Inaddition,manyofCBRE’sviewsareopinionand/orprojectionsbasedonCBRE’ssubjectiveanalysesofcurrentmarketcircumstances.Otherfirmsmayhavedifferentopinions,projectionsandanalyses,andactualmarketconditionsinthefuturemaycauseCBRE’scurrentviewstolaterbeincorrect.CBREhasnoobligationtoupdateitsviewshereinifitsopinions,projections,analysesormarketcircumstanceslaterchange.

NothinginthisreportshouldbeconstruedasanindicatorofthefutureperformanceofCBRE’ssecuritiesoroftheperformanceofanyothe